Magyar Cement Preparing Lawsuit Against Holcim, Hungary

02 November 2005

Hungarian cement company Magyar Cement Kft Tuesday has reportedly said it is preparing a lawsuit against Switzerland’s Holcim Ltd. Magyar has claimed Holcim acted fraudulently when acquiring a 57% stake in the Hejocsaba cement plant, which was privatized in 1994. Holcim wasn’t immediately available for comment. Last week, Holcim repudiated charges of misconduct in Hungary, saying a Hungarian court has supported the company’s role in the privatization.
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